Law:Title 9. Public Securities. Subtitle I. Specific Authority For Counties To Issue Securities from Chapter 1473. Obligations For County Buildings (Texas)

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Subtitle I. Specific Authority For Counties To Issue Securities

Contents

Chapter 1473. Obligations For County Buildings

Subchapter A. Bonds For Public Libraries

Section  1473.001.  Authority To Issue Public Library Bonds.

The commissioners court of a county by order may authorize the issuance of county bonds to finance all or part of the acquisition, construction, improvement, enlargement, equipment, or repair of a public library building.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.002.  Pledge Of Revenue.

The commissioners court shall provide for the payment of the principal of and interest on bonds issued under this subchapter by pledging all or part of the revenue derived from:

(1)  the operation of the library building; or

(2)  the lease of space in the library building.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.003.  Bonds Not Payable From Taxes.

An owner of a bond issued under this subchapter is not entitled to demand payment of the principal of or interest on the bond from money raised by taxation.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.004.  Contents Of Order Authorizing Bonds.

(a) The order of the commissioners court authorizing the issuance of bonds under this subchapter may provide for the flow of funds and the establishment and maintenance of an interest and sinking fund, a reserve fund, or another fund.

(b)  The order may:

(1)  prohibit the issuance of additional bonds or other obligations payable from the pledged revenue; or

(2)  reserve the right of the commissioners court to issue additional bonds payable from the pledged revenue that are on a parity with or subordinate to the lien and pledge on the revenue that supports the bonds issued under the order.

(c)  The commissioners court may include in the order any other provision or covenant, including a covenant with respect to the bonds, the pledge of revenue, or the operation or maintenance of the library building.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.005.  Adoption And Execution Of Documents.

The commissioners court may adopt and have executed any other proceeding or instrument necessary or convenient to the issuance of the bonds.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.006.  Maturity.

A bond issued under this subchapter must mature not later than 40 years after its date.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.007.  Operating And Leasing Charges.

(a) The commissioners court shall:

(1)  establish fees related to the operation of the library building; and

(2)  charge rent for the lease of space in the library building.

(b)  The court shall establish the fees and rents in amounts to provide revenue sufficient to pay all expenses related to the ownership and operation of the library building, including:

(1)  payment of the principal of and interest on bonds issued under this subchapter; and

(2)  the creation and maintenance of any required bond reserve fund.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.008.  Refunding Bonds.

(a) A county may issue refunding bonds to refund all or any part of its outstanding bonds issued under this subchapter, including matured but unpaid interest coupons. The comptroller shall register the refunding bonds on the surrender and cancellation of the bonds being refunded. The refunding may take place in one delivery or in installment deliveries.

(b)  The refunding bonds may be payable from the same sources as the bonds to be refunded or from other additional sources.

(c)  A county may, in the order authorizing the issuance of the refunding bonds, provide for the sale of the refunding bonds and the deposit of the proceeds in the place at which the bonds to be refunded are payable. In that case, the refunding bonds may be issued before the cancellation of the bonds to be refunded.

(d)  If refunding bonds are issued before cancellation of the bonds to be refunded, the county shall deposit an amount sufficient to pay the principal of and interest on the bonds to be refunded to their maturity dates, or to their option dates if the bonds have been called for payment before maturity according to their terms, in each place at which the bonds to be refunded are payable. The comptroller shall register the refunding bonds without the surrender and cancellation of bonds to be refunded.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.009.  Exemption From Taxation.

A bond issued under this subchapter, any transaction related to the bond, and profits made in the sale of the bond are exempt from taxation by this state or by a municipality or other political subdivision of this state.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Subchapter B. Bonds For Auditoriums, Coliseums, And Exhibit Buildings

Section  1473.021.  Authority For Auditorium, Coliseum, Or Exhibit Building.

The commissioners court of a county may purchase or construct a building or other permanent improvement to be used for:

(1)  a coliseum;

(2)  an auditorium; or

(3)  an annual exhibit of livestock or agricultural, horticultural, or mineral products of the county.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.022.  Authority To Issue Bonds And Impose Tax.

(a) The commissioners court of a county may:

(1)  issue bonds to finance the purchase or construction of a building or improvement described by Section 1473.021; and

(2)  impose a tax to pay the bonds.

(b)  The commissioners court shall issue any bonds under this subchapter and impose the tax in compliance with the applicable provisions of Subtitles A and C.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.023.  Payment For Buildings Or Improvements.

A county that maintains a permanent improvement fund shall pay for each building or improvement described by Section 1473.021 from that fund.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.024.  Location Of Buildings Or Improvements. The

commissioners court may determine the location in the county for a building or improvement described by Section 1473.021.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Subchapter C. Securities To Improve Or Repair Certain Buildings

Section  1473.051.  Definition.

In this subchapter, "security" means a bond, note, warrant, obligation, or other evidence of indebtedness.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.052.  Authority To Issue Obligations.

(a) The commissioners court of a county may issue securities to finance the enlargement, alteration, improvement, or repair of a building if:

(1)  the building:

(A)  is not the courthouse;

(B)  is located at the county seat;

(C)  is partly used for public business and partly rented for private use; and

(D)  was acquired by the county in settlement of an obligation owed the county; and

(2)  money is not available for the enlargement, alteration, improvement, or repair.

(b)  In issuing a security under this subchapter, the commissioners court may pledge, assign, or encumber the net income and revenue from that part of the building that the court finds is not, and will not later be, necessary for a public purpose.

(c)  Repealed by Acts 1999, 76th Leg., ch. 1064, Sec. 47(4), eff. Sept. 1, 1999.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999. Amended by Acts 1999, 76th Leg., ch. 1064, Sec. 47(4), eff. Sept. 1, 1999.



Section  1473.053.  Obligations Not Payable From Taxes.

(a) A security issued under this subchapter:

(1)  is not a debt of the county;

(2)  may be a charge only on the revenue that is pledged, assigned, or encumbered; and

(3)  may not be included in determining the power of the county to issue bonds for any purpose authorized by law.

(b)  Each security issued under this subchapter must include the following provision: "The holder of this obligation is not entitled to demand payment of this obligation out of any money raised by taxation."

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.054.  Rent.

For each part of a building described by Section 1473.052(a) that is not used for a public purpose, the county shall charge and collect rent in an amount sufficient to:

(1)  pay all operating, maintenance, depreciation, replacement, improvement, and interest charges and expenses for the building; and

(2)  create an interest and sinking fund sufficient to pay any securities issued under this subchapter.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.055.  Liens On And Use Of Revenue From Building.

(a) Except as provided by Subsections (b) and (c), the income or revenue of a building described by Section 1473.052(a) may not be used to pay another debt, expense, or obligation of the county until the securities secured by the revenue have been finally paid.

(b)  Each expense of operation and maintenance, including all salaries, labor, materials, interest, improvements, repairs, and extensions necessary to provide efficient service, and each proper item of expense, is a first lien against the building's revenue.

(c)  An expense for a repair or extension is a first lien only if the commissioners court finds the repair or extension is necessary to:

(1)  keep the building in operation and provide adequate service; or

(2)  respond to a physical accident or condition that would otherwise impair a security issued under this subchapter.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.056.  Election Not Required.

The commissioners court may issue securities under this subchapter without holding an election to approve the issuance.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Subchapter D. Bonds For Jails Or Other Buildings

Section  1473.101.  Authority To Issue Bonds And Impose Tax.

(a) The commissioners court of a county may:

(1)  issue bonds to pay for the purchase, construction, improvement, or equipment of a building or jail under Section 292.001, Local Government Code, including the purchase or improvement of a site for the building or jail; and

(2)  impose a tax under Section 9, Article VIII, Texas Constitution, to pay for the bonds.

(b)  The commissioners court of a county that has a population of more than 900,000 may:

(1)  issue bonds to pay for the construction and equipment of a courthouse or county branch office building, including the acquisition of a site for the courthouse or branch office building; and

(2)  impose a tax to pay for the bonds.

(c)  Except as otherwise provided by this subchapter, the commissioners court shall issue any bonds and impose the tax in compliance with the applicable provisions of Subtitles A and C.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.102.  Election Propositions. The

commissioners court may submit one or more bond propositions at an election relating to the issuance of bonds under this subchapter. Each proposition may include one or more of the purposes provided by Section 1473.101.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Subchapter E. Bonds For Parking Facilities

Section  1473.131.  Definitions.

In this subchapter:

(1)  "Bond order" means an order authorizing the issuance of bonds under this subchapter.

(2)  "Parking facility" means:

(A)  a lot, area, or structure used primarily to park motor vehicles;

(B)  the site for the lot, area, or structure; and

(C)  equipment used in connection with the maintenance and operation of the lot, area, or structure.

(3)  "Trust indenture" means an instrument, including a mortgage or deed of trust, that secures bonds issued under this subchapter by:

(A)  a pledge of revenue; or

(B)  a pledge of revenue and a mortgage lien on property.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.132.  Authority For Parking Facilities.

The commissioners court of a county may construct, enlarge, furnish, equip, or operate a parking facility in the vicinity of any county-owned facility or building if the court finds the action to be in the best interest of the county and the county's residents.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.133.  Other Facilities Within Parking Facility. The

commissioners court may incorporate into a parking facility authorized by Section 1473.132:

(1)  a jury assembly room;

(2)  office space;

(3)  a nursery;

(4)  toilet facilities;

(5)  a snack bar; or

(6)  a related facility.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.134.  Lease Of Parking Facility.

The commissioners court may lease the parking facility to any person or corporation.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.135.  Authority To Issue Bonds.

The commissioners court by order may issue bonds to provide money to construct, enlarge, furnish, or equip a parking facility authorized by this subchapter.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.136.  Pledge Of Revenue; Tax.

(a) Bonds issued under this subchapter must be payable from and secured by a pledge of:

(1)  the net revenue of the parking facility; and

(2)  any other revenue incident to the ownership of the parking facility, including money received from a lease of the facility.

(b)  The commissioners court may also provide for the bonds to be payable from and secured by the imposition of an ad valorem tax. The tax may not exceed two and one-half cents on each $100 valuation of taxable property in the county.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.137.  Bonds Not Payable From Taxes.

(a) Except as provided by Subsection (b), each bond issued under this subchapter must include the following provision: "The holder of this obligation is not entitled to demand payment of this obligation from money raised by taxation."

(b)  A bond may not contain the provision specified by Subsection (a) if the commissioners court has provided for the payment of the bond from tax revenue under Section 1473.136(b).

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.138.  Maturity.

A bond issued under this subchapter must mature within 40 years.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.139.  Signatures; Registration By County Treasurer.

A bond issued under this subchapter must be:

(1)  signed by the county judge;

(2)  countersigned by the county clerk; and

(3)  registered by the county treasurer.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.140.  Additional Bonds.

(a) The commissioners court may issue bonds under this subchapter that are a junior lien on the net revenue or property unless the bond order or trust indenture prohibits their issuance.

(b)  The commissioners court may issue parity bonds under conditions in the bond order or trust indenture.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.141.  Sale Of Bonds.

The county may sell the bonds under terms the commissioners court determines to be the most advantageous and reasonably obtainable.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.142.  Use Of Bond Proceeds.

The commissioners court may set aside from the bond proceeds:

(1)  money to pay interest on the bonds; and

(2)  money in the amount the commissioners court estimates to be required for operating expenses until the parking facility becomes sufficiently operational.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.143.  Rents And Rates For Services.

The commissioners court shall charge rents or rates for services of the parking facility and shall use any other revenue generated by the parking facility so that the revenues of the facility are sufficient to:

(1)  pay the expenses of owning, operating, and maintaining the facility;

(2)  pay when due the principal of and interest on the bonds; and

(3)  create and maintain a bond reserve fund and other funds as provided by the bond order or trust indenture.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.144.  Refunding Bonds.

(a) The commissioners court may issue bonds to refund outstanding bonds issued under this subchapter.

(b)  The refunding bonds may be issued in the manner provided by this subchapter for other bonds.

(c)  The refunding bonds may be issued to be exchanged by the comptroller or to be sold, with the bond proceeds applied to the payment of outstanding bonds.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.145.  Provisions For Operation Of Parking Facility.

The bond order or trust indenture may prescribe systems, methods, routines, or procedures for the operation of the parking facility.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.146.  Election Not Required.

The commissioners court may issue bonds under this subchapter without holding an election to approve the issuance.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Subchapter F. Bonds For Public Health Administration Buildings In Certain Counties

Section  1473.171.

  APPLICABILITY OF

Subchapter

. This subchapter applies only to a county that:

(1)  contains a municipality with a population of more than 275,000; and

(2)  before April 27, 1965, ordered an election for the issuance of bonds for:

(A)  erecting a public health administration building; and

(B)  acquiring a site and equipment for a public health administration building.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.172.  Authority For Public Health Administration Building.

If the bonds were approved at an election ordered before April 27, 1965, the county alone or jointly with a municipality located in the county, may:

(1)  erect, maintain, expand, or repair a public health administration building; or

(2)  acquire a site or equipment for a public health administration building.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.173.  Authority To Issue Bonds.

(a) If the bonds were approved at an election ordered before April 27, 1965, the county may issue general obligation bonds to finance:

(1)  the erection, maintenance, expansion, and repair of a building authorized by Section 1473.172; and

(2)  the acquisition of a site and equipment for the building.

(b)  The commissioners court shall issue any bonds under this subchapter in compliance with the applicable provisions of Subtitles A and C.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.174.  Cost Sharing And Interest In Joint Projects.

A county and a municipality that jointly erect a public health administration building under this subchapter shall share the cost of, and shall each have an undivided interest in, the building:

(1)  as agreed by the governing bodies of the county and the municipality; and

(2)  as authorized by orders or ordinances adopted by the governing bodies of the county and the municipality.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.175.  Use Of Joint Project Building.

(a) Except as provided by Subsection (b), a public health administration building erected jointly by a county and a municipality under this subchapter may be:

(1)  used for any purpose that will contribute to the health of the residents of the county and municipality; and

(2)  occupied and used by the county and municipality jointly.

(b)  The public health administration building may not be used for hospital purposes.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Subchapter G. Bonds For Workhouses And Farms In Counties With A Population Of More Than 900,000

Section  1473.191. 

 APPLICABILITY OF

Subchapter

. This subchapter applies only to a county with a population of more than 900,000.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.192.  Authority To Issue Bonds And Impose Tax.

(a) The commissioners court of a county may:

(1)  issue bonds to pay for the acquisition, construction, or equipment of a county workhouse or county farm to be used to confine or to use the labor of county prisoners, including the acquisition of a site for the workhouse or farm; and

(2)  impose a tax to pay the bonds.

(b)  A county that maintains a permanent improvement fund shall deposit the tax to the credit of that fund to pay for an action taken under Subsection (a)(1).

(c)  The commissioners court shall issue any bonds under this subchapter and impose the tax in compliance with the applicable provisions of Subtitles A and C.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.193.  Election.

(a) The commissioners court may issue bonds under this subchapter only if more than a majority of the qualified voters voting at an election held for that purpose approve the bonds.

(b)  Subsection (a) does not apply to refunding bonds.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.194.  Election Proposition.

Bonds to be issued under this subchapter may be submitted in a single proposition at the bond election.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.195.  Notice Of Election.

(a) In addition to the notice required by Section 4.003(c), Election Code, notice of an election under this subchapter shall be given by publication in a newspaper of general circulation in the county.

(b)  The notice must contain a substantial copy of the election order.

(c)  The notice must be published on the same day in each of two consecutive weeks. The first publication must be at least 14 days before the election.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Subchapter H. Certificates Of Indebtedness For Crime Detection Facilities In Counties With Population Of More Than 900,000

Section  1473.231. 

 APPLICABILITY OF

Subchapter

. This subchapter applies only to a county with a population of more than 900,000.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.232.  Authority To Operate Crime Detection Facilities; Fees, Charges, And Expenses.

(a) The commissioners court of a county may:

(1)  operate and maintain the county's crime detection facilities; and

(2)  impose and collect fees or charges for services performed or information provided to others in the use of the facilities.

(b)  The commissioners court shall pay the operation and maintenance expenses of the facilities from the fees or charges or other available county funds.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.233.  Authority To Issue Certificates Of Indebtedness And Impose Tax.

(a) The commissioners court by order may issue certificates of indebtedness to finance the acquisition, construction, repair, improvement, or equipment of a crime detection facility, including the acquisition of any property in connection with the facility.

(b)  The commissioners court annually shall impose and pledge to the payment of the certificates an ad valorem tax sufficient to pay when due the principal of and interest on the certificates.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.234.  Maturity.

A certificate of indebtedness issued under this subchapter must mature not later than 40 years after its date.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.235.  Election Not Required.

The commissioners court may issue certificates of indebtedness under this subchapter without holding an election to approve the issuance.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.236.  Limit On Amount Of Certificates.

The aggregate principal amount of certificates of indebtedness issued under this subchapter may not exceed $1.5 million.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Subchapter I. Bonds For Auditorium Or Coliseum Parking Facilities In Counties With Population Of More Than One Million

Section  1473.261.

  APPLICABILITY OF

Subchapter

. This subchapter applies only to a county that:

(1)  has a population of more than one million; and

(2)  has issued bonds to construct buildings or other permanent improvements for a coliseum or auditorium in the county.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.262.  Definitions.

In this subchapter:

(1)  "Bond order" means an order authorizing the issuance of revenue bonds under this subchapter.

(2)  "Parking facility" means:

(A)  a lot, area, or structure used to park motor vehicles;

(B)  the site for the lot, area, or structure; and

(C)  equipment used in connection with maintenance and operation of the lot, area, or structure.

(3)  "Trust indenture" means an instrument, including a mortgage or deed of trust, that secures bonds issued under this subchapter by:

(A)  a pledge of revenue; or

(B)  a pledge of revenue and a mortgage lien on property.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.263.  Authority For Parking Facility.

The commissioners court of the county may construct, enlarge, furnish, equip, and operate a parking facility in the vicinity of a coliseum or auditorium if the court finds the action to be in the best interest of the county and the county's residents.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.264.  Lease Of Parking Facility.

The commissioners court may lease the parking facility to any person or corporation.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.265.  Authority To Issue Revenue Bonds.

The commissioners court by order or trust indenture may issue revenue bonds to provide money to construct, enlarge, furnish, or equip a parking facility authorized by this subchapter.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.266.  Pledge Of Revenue.

Bonds issued under this subchapter must be payable from, and secured by a pledge of, the net revenue of the county's operation of the parking facility. The bonds may be payable from any other revenue incident to the ownership of the parking facility, including money received from a lease of the facility.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.267.  Bonds Not Payable From Taxes.

Each bond issued under this subchapter must include the following provision: "The holder of this obligation is not entitled to demand payment of this obligation from money raised by taxation."

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.268.  Maturity.

A bond issued under this subchapter must mature within 40 years.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.269.  Signatures; Registration By County Treasurer.

A bond issued under this subchapter must be:

(1)  signed by the county judge;

(2)  countersigned by the county clerk; and

(3)  registered by the county treasurer.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.270.  Additional Bonds.

(a) The commissioners court may issue bonds under this subchapter that are a junior lien on the net revenue or property unless the bond order or trust indenture prohibits their issuance.

(b)  The commissioners court may issue parity bonds under conditions in the bond order or trust indenture.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.271.  Sale Of Bonds.

The county may sell the bonds under terms the commissioners court determines to be the most advantageous and reasonably obtainable.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.272.  Use Of Bond Proceeds.

(a) The commissioners court may set aside from the bond proceeds:

(1)  money to pay interest on the bonds; and

(2)  money in the amount the commissioners court estimates to be required for operating expenses until the parking facility becomes sufficiently operational.

(b)  The commissioners court may not set aside money under this section in an amount that exceeds the amount of money necessary to cover interest and operating expenses for the estimated period of construction and the first two years of operation, less any earnings during that time.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.273.  Rents And Rates For Services.

(a) The commissioners court shall charge rates for services of the facility, including rents under a lease, and shall use any other revenue generated by the facility so that the revenues of the facility are sufficient to:

(1)  pay the expenses of owning, operating, and maintaining the facility;

(2)  pay the principal of and interest on the bonds when due; and

(3)  create and maintain a bond reserve fund and other funds as provided by the bond order or trust indenture.

(b)  The county may not provide free use of the parking facility to any person, firm, or corporation, except that the county and any county agency or department may make free use of the facility after bonds issued under this subchapter have been fully paid.

(c)  The commissioners court may provide, in an order authorizing the bonds or in a lease of the parking facility, for minimum periodic payments from any county resource to the bond interest and sinking fund or to the lessee for county or county agency or department use of any part of the parking facility designated for county or county agency or department use.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.274.  Refunding Bonds.

(a) The commissioners court may issue bonds to refund outstanding bonds issued under this subchapter.

(b)  The refunding bonds may be issued in the manner provided by this subchapter for other bonds.

(c)  The refunding bonds may be issued to be exchanged by the comptroller or to be sold, with the bond proceeds applied to the payment of outstanding bonds.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.275.  Provisions For Operation Of Parking Facility.

The bond order or trust indenture may prescribe systems, methods, routines, or procedures for the operation of the parking facility.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.



Section  1473.276.  Election Not Required.

The commissioners court may issue bonds under this subchapter without holding an election to approve the issuance.

Added by Acts 1999, 76th Leg., ch. 227, Sec. 1, eff. Sept. 1, 1999.


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